What are the main components of a business case and how do you write one?

1 Executive Summary

The executive summary is a brief overview of the main points of the business case. It should capture the attention of the reader and summarize the problem, solution, benefits, costs, and risks of the project. The executive summary should be concise, clear, and persuasive. It should also include a call to action or a recommendation for the next steps.

2 Problem Statement

The problem statement is a clear and specific description of the current situation, the challenges, and the gaps that need to be addressed. It should answer the questions: What is the problem? Why is it important? Who is affected by it? How does it impact the organization or the customer? The problem statement should also define the scope and boundaries of the project and explain the criteria for success.

3 Solution Options

The solution options are the possible ways to solve the problem or meet the objectives of the project. They should be based on research, evidence, and best practices. They should also be realistic, feasible, and aligned with the organization's vision and strategy. The solution options should compare and contrast the pros and cons of each option, as well as the assumptions and dependencies involved.

4 Cost-Benefit Analysis

The cost-benefit analysis is a quantitative and qualitative assessment of the costs and benefits of each solution option. It should include both direct and indirect costs, such as capital, operational, maintenance, and opportunity costs. It should also include both tangible and intangible benefits, such as revenue, savings, efficiency, quality, customer satisfaction, and reputation. The cost-benefit analysis should also calculate the return on investment (ROI), payback period, and breakeven point of each option.

5 Risk Assessment

The risk assessment is a systematic identification and evaluation of the potential risks and uncertainties that may affect the project. It should include both internal and external risks, such as technical, financial, legal, regulatory, environmental, and social risks. It should also include the likelihood, impact, and severity of each risk, as well as the mitigation strategies and contingency plans to minimize or avoid them.

6 Implementation Plan

The implementation plan is a detailed outline of the actions, resources, timelines, and responsibilities required to execute the project. It should include the project scope, objectives, deliverables, milestones, tasks, dependencies, roles, and stakeholders. It should also include the communication plan, the change management plan, the quality assurance plan, and the evaluation plan. The implementation plan should be clear, realistic, and flexible to accommodate any changes or challenges that may arise.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?